News blog

Eco City Vehicles

• BY: Andrew Hore |
• POSTED: 06/10/2014 |

Eco City Vehicles, the distributor of the licensed Mercedes Vito taxi, intends to appoint an administrator in order to provide time to seek options for the company’s future.

Eco City requires additional funding. Jonathan Moritz is stepping down as finance director.

Eco City owns 76.6% of One80, which owns the intellectual property rights to the rear wheel steering technology used in the Mercedes Vito. Production of taxis was stopped because of high stock levels (179 at the end of July 2014) and the lack of licence income hit One80, which appointed KPMG as administrator.

The biggest blow was probably Mercedes-Benz deciding to withdraw finance and trading arrangements with Eco City’s subsidiary KPM UK Taxis, which appointed Accura as administrator.

Trading in the shares was suspended at 0.33p on 19 September.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2014_60.pdf